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What Is The Best Health Insurance For My Family?

It’s no secret that the cost of health insurance in America has skyrocketed over the years, even after the introduction of the Affordable Care Act (ACA) or “Obamacare” in 2010. It begs the question: Who can afford a family health insurance plan these days?

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What Constitutes a Family Plan?

When you add a dependent, a spouse or a domestic partner onto your health insurance coverage, it’s called a family plan, and you must pay an increased monthly premium for each addition.

There is an exception to this however: When you have more than three children under the age of 21, you are only required to pay for the three oldest.

The deductible and out-of-pocket maximum for a family plan is usually about TWICE the amount of an individual plan. For example, if the deductible for an individual plan is $2,000, then the deductible for a family health insurance plan will be approximately $4,000, depending on the health plan insurer. If the out-of-pocket maximum is $7,000 for an individual, then the out-of-pocket maximum will be $14,000 for a family plan.

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What Is The Average Cost of Health Insurance For A Family of 4?

Health insurance costs are on the rise. According to the Milliman Index, “The total costs for a typical family of four insured by the most common health plan offered by employers will average $28,166 this year” (USA Today, June 2018).

In 2010, that number was $20,000. In 2016, it had reached $25,000.

It’s important to note that this figure is for people with an employer health plan, and that the number includes the total money paid into a family’s healthcare expenses--premiums paid by the employee, the employer, and out of pocket costs.

While the largest share of that cost is being covered by employers (for most employees), the overall cost of care, and rate of growth is still significant. It only stands to reason that folks without the benefit of employer-sponsored plans are paying substantially more.

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Is There More Affordable Family Insurance for My Family?

With so much money going into healthcare each year, families often wonder if there is a way to decrease their costs, and increase their savings.

This is the right question to be asking, and it’s one that our experts are happy to help you with. While there are no guarantees, oftentimes with a little looking, there are alternatives outside of the traditional healthcare model that can provide a leaner, more cost-effective approach to your family’s healthcare.

Just a brief phone call to our consultants will allow them to better understand your situation, and make recommendations based on your family’s needs.